China's efforts to pump 800 billion yuan ($118 billion) into companies via ...
BEIJING/SHANGHAI - China’s efforts to pump 800 billion yuan into companies via cheap bank loans to counter the economic impact of the virus outbreak have run into a snag: bureaucratic confusion.
Communication issues, confusing eligibility criteria and different lending standards have caused a muddle between officials over which companies qualify and at what rate, according to seven sources with direct knowledge of the situation. While China has frequently targeted lending along policy lines, these plans, announced as part of broader initiatives in January and again in February, represent the first time China’s central bank has coordinated rescue efforts with other government departments.
The two regulators circulated lists of eligible firms to banks, which could then lend the funds, safe in the knowledge they could reclaim the money from the People’s Bank of China . The borrowing companies could then also claim half the interest payments back from the finance ministry.
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